Gold Futures Rebound From 6 Week Low Amid China Stimulus Bets

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Gold Futures Rebound From 6 Week Low Amid China Stimulus Bets

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PT. Equityworld Futures – Gold futures recovered from a six-week low amid speculation that weaker economic growth will prompt officials to add to stimulus in China, which rivals India as the world’s top bullion buyer.

Futures are rebounding after three weeks of declines. The Federal Reserve has damped speculation that it will delay boosting interest rates. Traders are awaiting the April U.S. payrolls report on Friday for more signals on the timing of increases for borrowing costs. Higher rates drive investors to favor assets that pay interest, such as bonds, curbing gold’s appeal as a store of value, since it generally offers returns only through price gains.

On the Comex in New York, gold futures for June delivery rose 1 percent to settle at $1,186.80 an ounce at 1:47 p.m. On May 1, the price touched $1,168.40, the lowest for a most-active contract since March 20.

Employers in the U.S. added 225,000 workers last month, up from 126,000 in March, according to the median estimate in a Bloomberg survey of economists before the Labor Department report on May 8. The unemployment rate may decline to 5.4 percent from 5.5 percent.

Sumber : ewfpro.com

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